From: Jonathan Foster [mailto:JFoster@angeleswealth.com] 

Sent: Monday, August 17, 2015 8:06 PM

To: EBSA, E-ORI - EBSA

Subject: RIN 1210-AB32

RE: Conflict of Interests Rule

Dear Sir/Madam,

This is the first comment I have ever submitted to a proposed Congressional action. However, after being 

bombarded all day long by ads on CNBC from an organization called “Americans to Protect Family Security”, I felt 

compelled to draft this email.

According to their website, “SecureFamily.org” the organization is funded by the life insurance industry and 

commissioned insurance salespeople, who generate fees from the selling of annuity-based products to the average 

American. The insurance annuity itself, is not a bad product...it is the significant commissions/fees, both up-front 

and ongoing, that make it generally a poor choice for the consumer. In addition, the fees in these products are 

extremely hard to track and analyze. If it’s hard for me to understand them as a 30+ year investment professional, 

how could the average consumer possibly understand what they are getting into?

It would seem to me that the adoption of the Fiduciary Rule is a great resolution. The Fiduciary Rule requires 

advisors to act in the “best interests” of clients at all times. For the life of me, I cannot understand why this is even 

subject to debate. Would a medical patient rather have a prescription written by their doctor, or a salesman from 

the drug company? Don’t we expect doctors and lawyers to be fiduciaries? Shouldn’t financial professionals also 

be required to act in the “best interests” of their clients at all times?

I think if you asked all Americans one simple question, “Would you prefer to get your health, legal and financial 

advice from a professional fiduciary who is required by law to act in your ‘best interests’ at all times?”, the 

response of “Yes” would be unanimous. The simple fact is that the American consumer of financial solutions 

already believes that they are getting advice from fiduciaries, even though in the majority of situations, this is 

not the case. The approval of RIN 1210-AB32 is simply providing them with the legal protection they deserve.

Sincerely,

Jon Foster

Jonathan R. Foster

President & CEO

Angeles Wealth Management, LLC

429 Santa Monica Blvd., Suite 650

Santa Monica, CA 90401

(310) 393-6300 x 121

(310) 857-5840 direct

(310) 857-5845 fax

(310) 776-0200 cell

jfoster@angeleswealth.com

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